PR No – 26
17th January, 2024
Conference on India-US Bilateral Trade & Economic Relation Unlocking Reformulations & Unravelling way for growth held on Tuesday, 16th January 2024
Dr. Arvind Virmani, a member of Niti Aayog, echoed the sentiments of Honorable Prime Minister Narendra Modi, emphasizing that “Atmanirbhar Bharat” represents the inclusive and globally benchmarked system that we aim to construct.
PHDCCI organized an India-US bilateral trade & Economic Relation Unlocking Reformulations & Unraveling way for growth on 16th January 2024.
Chief Guest Dr. Arvind Virmani, Member, Niti Aayog, presented on derisking and diversifying manufacturing supply chains. His comprehensive presentation covered the role of manufacturing in the world and India, new opportunities and trends, policy frameworks, and the importance of FDI in the Indian economy. He discussed the impact of 2014-23 policy reforms, structural changes, and the significance of demography and comparative advantages in the Indian economy.
Guest of Honour Mr. Jonathan M. Heimer, Minister Counselor for Commercial Affairs, Embassy of the United States of America, addressed bilateral trade issues. He highlighted challenges faced by the US in exporting goods to India, particularly regarding high custom duties and prolonged shipment times. Mr. Heimer stressed the urgency of addressing these challenges, emphasizing the importance of immediate port clearance, faster manufacturing of goods and services, and lower customs and tariffs on exported goods.
Mr. Drew Schufletowski, U.S. Embassy’s Minister Counselor for Economics, Environment, Science, and Technology, delivered a special address, discussing bilateral trade issues and challenges faced by the US while investing in India. He highlighted India’s position as the fifth-largest global economy and shared viewpoints on specific business models, structured budgets, and challenges related to tariff and custom duties. Despite challenges, he commended India as one of the fastest-growing economies with a growth rate of 6-7%, citing its unique business models.
Shri Ajay Shankar, former Secretary of DPIIT, Government of India, provided insights into the historical ties between India and the US. He emphasized India’s growth in IT software and pharmaceuticals, highlighting the strategic partnership with the US. Shri Shankar discussed the demographic advantage of India, showcasing the country’s young and talented workforce. He called for a positive articulation of economic offenses laws and underscored the pragmatic aspect of economic and political policies, expressing optimism about future economic relations.
Welcome address was delivered by Shri Sanjay Aggarwal, former President ,PHDCCI. In his remarks, he highlighted the robust consolidation of the India-US strategic partnership in recent times. Emphasizing the exponential expansion of trade relations, he noted that bilateral trade reached a record US$191 billion in 2022, with the US emerging as the primary destination for India’s merchandise exports in FY 2023. Shri Aggarwal stressed the need for fostering meaningful dialogue among experts, policymakers, industry leaders, and academia to enhance cooperation between the two nations. Additionally, he expressed concern about the GPS India-US trade legacy issue, proposing that India should create a conducive environment for bilateral trade to strengthen economic ties.
Following the welcome address, Shri Vishal Dhingra, Chair of the Foreign Trade and Investment Committee, PHDCCI, delivered the industry address. Commending the PHD Chamber for providing a platform to discuss contemporary issues, he acknowledged the evolving trade relationship between India and the United States. Mr. Dhingra highlighted the importance of promoting “low-hanging fruits” such as textiles, apparel, and pharmaceuticals and stressed the necessity for a robust policy framework to promote business and trade between the two nations. He envisioned stronger economic ties fostering innovation and prosperity on a global scale.
Concluding the event, Shri Sanjay Beswal, Co-chair of the Foreign Trade and Investment Committee, PHDCCI, delivered closing remarks and expressed gratitude.
PHD Chamber of Commerce and Industry